DCCC wipes out $19M debt

The Democratic Congressional Campaign Committee has erased a $19 million-plus debt months ahead of schedule, a major achievement for a party committee that was reeling from electoral disaster in November 2010.

New York Rep. Steve Israel, chairman of the DCCC, told POLITICO in an interview that the committee will be debt free by the end of this month. The DCCC’s initial projection was that the debt from the 2009-2010 cycle would not be cleared until the end of the first quarter of 2012. Israel took over as DCCC chairman at the start of this election cycle.

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“It frees up resources to invest in races instead of a bank,” Israel said, adding that Democrats were able to save tens of thousands of dollars in interest payments thanks to paying off their loans early. “I have been very pleasantly surprised by our entire fundraising plan. We are ahead of expectations; we’ve outraised the [National Republican Congressional Committee] by close to $4 million. Our fundraising has been a pleasant surprise.”

As of its most recent public report to the Federal Election Commission, the DCCC was still $1.33 million in debt.

In addition to Israel’s efforts, the improved Democratic financial picture is due, in large part, to Minority Leader Nancy Pelosi (D-Calif.), who has raised more than $25 million for the committee, Democratic incumbents and challengers so far this cycle.

Democrats also note that expected GOP gains from redistricting have not materialized. Following the 2010 elections, when Republicans had a 63-seat gain and ended a short-lived, four-year Democratic majority, some political analysts had predicted that Republicans could gain another 10 to 15 seats via the redistricting process.

But as of now, Democrats are expecting redistricting to be a wash or even a slight gain for their side.

“We’ve gone from depression and doubt to a realistic sense that the House is in play, all within a year,” Israel added. “The majority of our [Democratic] colleagues believe we are in range and it’s going to be close.”